Xerxes

I listened to a clip where he was talking about the banking crisis after Becky asked a question about him seeing the losses on banks B/S, I couldn’t understand a word that he was saying when he was answering. I think he was dancing around the answer.

Anybody knows how to watch this live without any of that CNBC PRO firewall EDIT: i would be surprised if Buffett does not push CNBC to make this available pronto without the firewall. He is all about democratizing access to his point of views without hurdles. But would prefer to watch live.

Can't make this shit up ! Pentagon leak traced to video game chat group users arguing over war in Ukraine (msn.com)

It seems that I have missed the part that Buffett is actually in Tokyo. He is going to joining CNBC with Becky tomorrow and Greg A. In Tokyo. Based on Becky, he raised the stake to 7.4% for each of the five Japanese companies.

The source media publisher: Warren Buffett says he intends to add to Japanese stock holdings - Nikkei Asia TOKYO -- Warren Buffett told Nikkei in an interview on Tuesday that he intends to add to his investments in Japanese stocks, saying he is "very proud" of his holdings in the nation's leading trading groups. Buffett's Berkshire Hathaway disclosed in August 2020 that it acquired slightly more than 5% in each of Japan's top five trading houses -- Itochu, Mitsubishi Corp., Mitsui & Co., Sumitomo Corp. and Marubeni. Berkshire increased its stakes in November. "We're very proud of that," Buffett told Nikkei in Tokyo, saying he would meet with the companies this week "to really just have a discussion around their businesses and emphasize our support." Buffett said additional investments in other Japanese companies are "always a matter of consideration." He added: "At the moment, we only own the five trading companies. There are always a few I'm thinking about." Buffett also commented on the sale of the bulk of Berkshire's stake in Taiwan Semiconductor Manufacturing Co. After buying more than $4 billion in shares in the world's biggest chipmaker between July and September 2022, it slashed its holdings by 85% to $617 million by the end of 2022. Buffett said geopolitical tensions were "a consideration" in the divestment. He described TSMC as a well-managed company but added that Berkshire had better places to deploy its capital. Berkshire fueled expectations for additional investment in Japan when it was revealed this month that it was planning to issue yen bonds for the first time since December 2022. The capital raise would help roll over earlier debt, one of the underwriters said. The legendary investor, 92, said he is open to deals with the Japanese trading houses, which are themselves investment companies. "We don't think it's impossible that we will partner with them at some point in the future in a specific deal," he said. "We would love if any of the five would come to us ever and say, 'We're thinking of doing something very big or we're about to buy something and we would like a partner or whatever.'" Not all investors love Japanese trading houses, saying their operations are too complex to understand. They are, in essence, diversified investment companies with footprints in industries ranging from energy and minerals to food, retail and health care. But for Buffett, this diversity is apparently the attraction. "We feel that these five companies are a cross section of not only Japan but of the world," he said. "They are really so much similar to Berkshire. They own a lot of different things." Another attraction of the trading companies is their share buybacks and high dividend payments, he said. "If they are repurchasing their shares, we generally regard that as a plus. We like the idea of the number of shares going down." Following Nikkei's publication of the Buffett interview, shares in the five trading companies were higher in early afternoon trade. Itochu was up 2.4%, Mitsubishi 1.7%, Mitsui 2.0%, Sumitomo 2.8% and Marubeni 3.6%. Buffett is known as a value investor. His company tends to focus on a small number of carefully selected stocks and hold them for a long time. Examples include Coca-Cola, which the company bought in the 1980s, and Apple, in which the company remains a major investor. As of the end of 2022, Berkshire's stock investments were valued at $309 billion, with most of its holdings in the U.S. More recently, Buffett has signaled his intent to look for investment opportunities overseas. Buffett's last visit to Japan was in August 2011, during which he visited a maker of metal cutting tools, called Tungaloy, based in Fukushima prefecture.

https://ca.yahoo.com/news/leaked-intelligence-document-shows-egypt-012519337.html

Doesn’t matter as long as western supplier of capital and weapons is not bothered. And they won’t be as they are indoctrinated by the media: “For 2022 and going forward, until further notice, these are your bad guys… these are your good guys, … and this is Captain America, … these are your toys, hate and love them accordingly”

^^ your post implies 300,000 or so have already become incapacitated. Here is an alternative scenario: after the 300,000 mobilization last year and realizing the mediocre state of hardware needed to equip such a force, the so called Russian winter offensive was downgraded to a few token major stories, capped by the limitation of their hardware. most of the force sits behind the line as reserves, uncommitted, until a clear view of Ukrainian offensive presents itself, where it can throw itself against it. Wether it can do any good or not, remains to be seen. I think western point of view, since the 2022 Russian debacle, has a baseline assumption built into it that Russian general staff can only do stupid things. Just imagine that in 2021, the same Western point of view had assumed Russia will roll over eastern Ukraine. Beware of pendulum biases

Finally, I listened to it. While I do tend to listen to any podcast that talks about Berkshire, I agree that not is much happening over the recent years (certainly over the quarters) to have the need to have the experts all over it. I don't know how many times I heard podcasters talk about how BHE has not paid a single dividend (unlike other utilities) and how BNSF has gone through this large CAPEX cycle in the early 2010s. That is why the CNBCs of the world over emphasis the 13Fs, because the key pillars of the company don't change that fast, so they focus on where the noise is, the dreaded 13Fs. On Bloomstran, I would be happily pay every year to buy his views on Berkshire, if he requires payment. My view however is that he should not be focusing the bulk of his client letter on one single 10% investment, while ignoring most of the rest .... year after year. There should a letter to clients that talks about the portfolio companies and like everybody else who loves Berkshire, he can write his thoughts on Berkshire as "insights", "books", etc. Those could be viewed as marketing material, giving him credit as an analyst. On Bloomstran (and other money managers) recommending their client to buy Berkshire direct, instead paying him fees, to do for them, I think it truly takes someone like Buffett himself, to do the right thing, if he was presented in the same situation as a money manager. But admittingly this is a hard one for me to square in my head. Ackman did it also in 2020, but sold it off right after the AGM, where he found Buffett to pessimistic.

There is certainly a complex cat and mouse game of deception, double-deception being played. Yet, would U.S. leak classified documents showing its own spying of its allies (yes, not exactly news but still) plus potentially revealing how deep its intelligence network is in Russia ... all in a bid to fool the Russians to believe some S300 consumption rate, and to have them somehow commit their air assets into a trap !! The plot thickens. A news story that doesn't tell you anything. Ukraine alters counter-offensive plans after document leak - CNN | Reuters Where is this Scotch on the Rocks Koffman dude, when we need him to cut the bullshit.

These are very high consumption rate for Ukrainian air defense, if the classified documents can be believed. personally I think the media didn’t do any favours to Ukraine by turning them into superheroes and Marvel characters, keeping pressure off to re-supply. https://www.wsj.com/articles/ukraine-may-run-out-of-air-defenses-by-may-leaked-pentagon-documents-warn-b96b0655 “So far, Ukraine has been successful in denying Russia the ability to use its manned aircraft deep inside Ukraine largely because of its network of Soviet-vintage long-range air-defense systems, primarily S-300 and Buk, which can intercept targets at altitudes above 20,000 feet. However, according to a secret purported Pentagon slide dated Feb. 28, Ukraine will have completely depleted its stock of Buk missiles by April 13, and of S-300 missiles by May 3, at current consumption rates.” “Ukraine’s S-300 batteries were expending roughly 200 missiles a month, while Buk batteries fired about 69 missiles a month, the document said. Nasams and Iris-T expended a combined 64 missiles a month.“ I also like to recommend this Oddlot podcast episode. It is amazing. Looks at the optics of the war. What we are doing wrong. There is a lot of anti-Russian pow-wow* coming from Western media. Cut the crap. I agree with the podcast guest speaker. Edit: * before anyone gets excited, we are talking about Russian people, culture and history not The Kremlin https://podcasts.apple.com/ca/podcast/odd-lots/id1056200096?i=1000600529914

https://podcasts.apple.com/ca/podcast/the-acquirers-podcast/id1454112457?i=1000607075085

Don’t cherry-pick unrealized M2M

I sold Microstrategy north of $1,100 and Blackberry north of $23 CAD back in January 2021. Massive gains all of which were lost in the Great Bear Raid of 2022. (but that is a different story). I agree that when the market offers you a multi-bagger, just take it, and ask questions later. But there is a big difference between these massive liquidity inflow (in my example) than a random walk +/- 10-15% on name that you own. What is the point of thinking of the fundamentals, and table-pounding the bull case. Better just to throw darts and randomly one of them will go up 10%.

Here is my portfolio. Waited for end of Q1 so that I can also post the gain/losses. 10.8% gain in Q1 for me for TFSA/RRSP/LIRA on the back of tax-selling dip that locked in the numbers for Q4 2022. With a low base of Dec 2022, mathematically Q1 % gain looks decent. With this gain, I have largely offset most of the 11.4% losses in 2022 and largely flat when compared to the start of 2022. Not that any of this matter anyways. Investment results and your personal input and the resultant are measured over decades. I am just floating up and down with the beta. I seldom trade. My only transaction in Q1 was to add to Onex and buy Occidental as a new position. Portfolio composition: Agnostic Allocators: Berkshire 12.2% FFH/FIH 14.8% BAM/BN/BIP/BEP etc. 9.3% Onex 5.2% Resources: Barrick 3.1% Exxon 6.8% Stelco 3.1% Occidental 1.5% Technology: IAC/ANGI 2.2% Amazon 6.5% Alphabet 6.5% Mercadolibre 4.2% MidCap: Raytheon 5% CoucheTard 5% Walt Disney 4.7% Bombardier 4.3% General Motors 2.9% Starbucks 1.6%

100% agree. Just be yourself.

Spek, There another podcast where Einhorn dropped by few weeks ago on CNBC. He was very clear that what he has been saying is that "value investing as a business doesn't work anymore" not that value investing in of itself does not work anymore. You can watch it for free by going through the Podcast as the link is through a firewall Watch CNBC's full interview with Greenlight Capital's David Einhorn

most folks i think sell (take trading profit) on their long-term position because they translate +10% move in the quoted price a validation of the bull thesis. In reality, the bull thesis is irrelevant. Fundamentals takes years to shape up and show up in price. A rapid movement in price is just what it is: a rapid movement in price. I think it is worthwhile to make a personal journal when one admits to him/herself (free from judgement) if a positive move in stock was the case of being right for the wrong reason or truly the case of being right for the right reason.

This is the first time I have seen that the "Cheers!" is not on a new line Gotcha !

There a lot of sells in the past two pages on the very name/sector, folks were saying it is long term buy because of this, that and the other thing edit: I guess there is a “relative” dimension aspect that is always in play

China could broker something between Iran and Saudi Arabia because it was an honest broker. Not because it is honest per say as a government, rather than it had equal stake on both sides which forces it to be honest. I can never imagine U.S. government to be honest broker in any shape or form with Iran. On Russia and Ukraine, I have a hard time to see PRC being that honest broker. Yes they will talk the walk. I truly think the Turks will play a strong and outsize role in whatever comes out of this conflict. They have a stake in a successful conclusion to this miserable conflict. And they are NATO and they are an autocracy at the same time. Edit: I should add PRC and Russia have much in common yet much separates then. PRC does not want another 1989 fall of Berlin Wall but also doesn’t want to tear down rule-based post-1945 system we have. Just want to add Chinese characteristics to it. Can’t say the samething about Russia.

Not exactly related but informative

Good lord ! No one is interested in buying the dip on CharlesSchawb !

Congrats Viking and thanks for yr contribution to this board. my take is that a “buy and hold” well executed, will have a few monster wins which would make it a de facto “concentrated” portfolio over time. Natural order of things. however, a well executed “concentrated” portfolio may or may not become “buy and hold”, since one can trim and adjust.

yes I always mix up “disinflation” since it has both a D and a I.